OPEC+ Boosts Oil Production Cap by 188,000 bpd Amid Market Review

OPEC+, an alliance of oil-producing countries, has agreed to increase its production cap by 188,000 barrels per day (bpd) in September. This decision was made after a virtual meeting attended by seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The OPEC+ countries reviewed global market conditions and outlook before making the decision to raise production levels from August's numbers. The move marks the sixth consecutive month of increased production for the alliance.

The voluntary production cuts announced in April 2023, totaling 1.65 million bpd, have been extended through the end of 2026. However, with evolving market conditions, the participating countries will flexibly adjust their production levels as needed.